General Growth (GGWPQ): SPG Seeks Partners for Bid, BAM Buys GGP Debt, GGP Could Raise $1-$2B

There are a few developments on bankrupt mall operator General Growth Properties Inc. (OTC: GGWPQ) today. Shares are flat today after surging earlier in the week on Simon Property's (NYSE: SPG) $9 per share hostile takeover bid. Today shares are flat at $12.65.

• Potential suitor Simon Property Group is in talks with Blackstone Group (NYSE: BX) and sovereign wealth funds on a joint bid for General Growth, after their $10 billion offer was rejected.
  
• Brookfield Asset Management (NYSE: BAM) acquired a "substantial amount" of defaulted bank debt issued by General Growth Properties at a discount to par value.
  
• Gen Growth could seek to raise $1-$2 billion from public markets to fund an independent exit from bankruptcy.

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